Life boils down to your habits? Wealthy people believe differently, think differently and act differently therefore they get different results. Today we list 10 habits that wealthy people have that poor people don't. I'll list them here but check out today's "Talking Money in the Morning LIVE!" show for in depth commentary on each of these habits.

1. Read - Wealthy people exercise their brains by reading daily.

2. Visualize - Wealthy people spend time seeing themselves as the successful person the want to become so that they do the necessary to get them there.

Daily Book Excerpt: Today's excerpt is actually a quote form Evan Jefferson - "Stop making excuses...if you can afford trips to the movies, new sneakers, hair weaves, video games or Beyonce tickets, you can also afford to plan your economic future."

This months book list: My personal goal is to read 5 books per month. See the books on the list for the month so far. Your purchase of these books through my affiliate link earns me a small commission which helps in the production of the show so by investing in yourself you're investing in me too.

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Magic Johnson is someone I've admired for a long time. First as one of the greatest basketball players of all time and now as one of the greatest business people of all times. I just listened to a short 3 minute clip of his interview on the Breakfast Club and I was blown away. I pulled out 10 things that I learned from that short clip then I went and found the full interview. I won't bore you with the extensive notes that I took when I watched the whole thing but I think you get the point.

If you want to be successful you have to study successful people. Magic Johnson is a great example. He took all of the character traits that made him such a fierce competitor on the basketball court and is now using them to compete in business. Here are the 10 things I learned from his interview on the Breakfast Club.

1. Don't be what others want you to be - He always saw himself as a business man in addition to being a ball player.

2. Forced Accountability - He made a promise to his parents to be financially savvy. This promised forced him to be accountable. Do you have an accountability partner?

3. Learn how to hustle early - Who knew Magic Johnson was a DJ in college? Before that he shoveled snow, had a paper route etc. Teach your kids how to hustle.

4. Pull the trigger when others won't - Magic asked teammates to invest but they weren't ready. He didn't let that stop him and he turned $1.5M investment to a $3M profit.

5. Realize what you have - Magic was able to sell the land that he acquired with his station to recoup his original invest so that when he sold the radio station the earnings were pure profit.

6. Be coachable -Even as a DJ in college Magic had a mentor that showed him the ropes of being a DJ.

7. Stay humble - Magic was respected as a basketball player but not quite as a business man so he stayed humble and submitted to those who knew more than him and learned as much as he could.

8. Build a track record of success - Johnson worked hard to earn his respect as a businessman the same way he had to earn his respect as a ball player.

9. Take care of your money - Magic made sure that his early salary in the NBA was used to make more money.

10. Become an example for others - What drives you to want to be success? Magic wanted to be an example for the black community to show that it can be done.

Below is my video commentary as well as the complete Breakfast Crew interview. Hope you enjoy, if so please leave a comment and share.

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Magic Johnson Breakfast Club Interview

Robert F. Smith is absolutely correct with that quote. Yet millions of black people all across America are forcing their children to aspire to be the next Labron James. Not necessarily putting a basketball in the kid's hands, which many of us do, but rather by only exposing them to a singular image of success like a ball player or entertainer.

Don't get me wrong there is absolutely nothing wrong with a kid playing sports...or is it? I have two sons that play basketball and as a coach I tell parents all the time of the life lessons that they can learn through the game of basketball. I wonder though if I had my sons put in the same amount of time into another area i.e. math and science would they be equally as good as they are at basketball. What I do know is that they stand a much greater chance at going pro in the field of engineering than they do with basketball. So is it true that I'm living vicariously through my sons hoping that they'd fulfill a shattered dream of mine? Where did that dream come from for me? What if I'd studied electrical engineering 4-6 hours per day like I did most summers growing up playing ball?

I guess my point is this, if we expose our kids to all of the wonders that they are capable of, let them pursue their vast interests unimpeded, would sports be at the top of the priority list? Again all things being fare, for every time they see a Kobe Bryant or Labron James and marvel at their accomplishments, they also see other professionals equally as accomplished in their respective fields. I get the feeling that there would be a few less kids playing sports and far more playing and winning at the game of life long after their physical gifts are diminished.

Project 1,000 is teaching working class people to systematically build wealth for future generations. Click here to learn more!

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